Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that the lease of a portion of City Land, portion of Erf 1, Roggebaai, 2^nd Floor Civic Centre, Hertzog Boulevard, Cape Town shown hatched and lettered ABCD on the plan 130009108 marked annexure A attached to the report, in extent approximately ± 6 m², to Nedbank Ltd or its successors in title, BE APPROVED subject to inter alia the following conditions:
 

1.          A market rental of R4 500.00 per month inclusive of rates and excluding VAT calculated at the rate applicable at the time of transaction be payable;

2.          The monthly rental shall escalate at 6% per annum compounded annually commencing from date of valuation, i.e. as from 2022-06-01;

3.          The proposed lease term is for a period of 10 (ten) years and is to be reviewed after a period of 5 (five) years;

4.          The property be used for automatic teller machine (ATM) purposes only;

5.             Subject to such further conditions to be imposed by the Director: Property Management in terms of his delegated authority;

6.          Subject to compliance with any other statutory requirements;

7.          No compensation will be payable for any improvement made to the property.